This week in property: Highlights from Dec 31 to Jan 4

By Rachael Tan / EdgeProp | January 4, 2019 1:52 PM SGT
Property highlights of the week from Dec 31 to Jan 4:
1. Horizon Towers gives collective sale another try
The 221-unit Horizon Towers is located along Leonie Hill Road in prime District 9 (Photo Credit: JLL)
The owners of Horizon Towers are starting the New Year by giving collective sale another go. The reserve price remains unchanged at $1.1 billion, which translates to a land rate of $1,977 psf per plot ratio (psf ppr), after factoring the lease top-up premium estimated at $228 million.
As the site has a high development baseline, no development charge or differential premium for intensification of land use is payable, says Tan Hong Boon, JLL regional director of capital markets, the sole marketing agent for the collective sale. If the 10% bonus gross floor area is included, the land rate would be adjusted to $1,797 psf ppr.
2. Residential market to see spike in new launches
In the pipeline for launch next year are about 60 projects (Photo Credit: Samuel Isaac Chua/EdgeProp Singapore)
Another slate of new launches is being readied for launch after Chinese New Year, and these are of bigger projects, including SingHaiyi’s The Gazania (former Sun Rosier) and The Lilium (former How Sun Park).
The two biggest projects that will be rolled out in 2019 are the former Normanton Park (1,882 units) and Treasure at Tampines (former Tampines Court), with more than 2,000 units. “These are also likely to be launched in 1Q2019, after Chinese New Year,” says Gafoor.
In the pipeline for launch next year are about 60 projects. “The window of opportunity for launching projects is just eight to nine months,” says Gafoor. This is after discounting Chinese New Year...